Spring Market Is In Full Swing

If you recall my last Blog Post titled “Market Update | Spring Edition“ you might remember reading this (although we are not currently seeing as many over bid offers as we did a year ago, homes are selling for approx. 100.5% of list price. Buyers’ confidence is back, and with more buyers comes more demand). In one month things changed, and we ARE now seeing multiple offers, as well as offer presentation dates, over bids and in April, homes were selling for approx 101.5% of list price. This is not a surprise! Remember we are still dealing with an inventory problem. Although months of supply did rise a tad bit in April (now sitting at 1.8 months) it is still not nearly enough to curb the demand. The other thing that has changed is how many days on average a property is on the market. Back in January 2023 average days on market was 27 days, jump to April and we are at 7 days.This shows that the demand is there and the market has heated up.

What do you do if you are a buyer? First thing is don’t panic. Buying is not an impossible feat in a Seller’s market. The best advice I give my clients is to be patient and quick. When a property comes up that fits your criteria it is important to act fast. If the pandemic has taught us anything, it is how to be resourceful. If as a buyer you can’t attend a viewing on short notice, NO PROBLEM! I CAN =) Facetime tours became somewhat of a normal thing over the last three years and it is a great way to still have boots on the ground to view a property.

What to do if you are a seller? If you have been thinking of listing your home, this is a great time to do so. All the reasons I mentioned above about what has changed over the last few months (multiple offers, days on market, offer presentation dates) are some great reasons to capitalize on this market. Our Selling system has everything in place to make your selling experience as smooth as butter. 

Questions, concerns or just want to chat, give me a call. I am always around and would be delighted to talk Real Estate & More =)

~Kor